Two refurbished residential investments in Portobello, comprising 17 fully occupied units between them, have been brought to the market with a combined guide price of €4.065 million.
Artis is offering 18 and 35 Synge Street separately, with No 18 guiding €1.87 million and No 35 seeking €2.195 million.
Both properties are described as Pre-’63 investments.
No 18 is an end-of-terrace building arranged over three levels and contains eight self-contained units: five studios and three one-bedroom apartments. It was extensively refurbished about five years ago and is fully occupied, generating gross annual rental income of €153,960.
At the €1.87 million guide price, that represents a gross yield of approximately 8.23 per cent.
No 35, also an end-of-terrace property, extends over four floors and contains nine units: six studios, two one-bedroom apartments and one two-bedroom apartment.
It has also been refurbished and is fully occupied, generating annual gross income of €177,804. The €2.195 million guide price reflects a gross yield of approximately 8.1 per cent.
The two properties sit opposite each other on Synge Street, in an established residential part of Dublin 8. Camden Street, Rathmines and the South Circular Road are close by, while St Stephen’s Green and Grafton Street are within walking distance.
Harcourt Street Luas station provides access to the Green Line, with Dublin Bus routes and cycle infrastructure also serving the area.
Bryan Garry, director at Artis, said the properties offered investors “a choice of lot size and income profile”.
“Both properties are fully occupied and provide established residential accommodation in an area where occupier demand remains consistently strong,” he said.
Garry said the wider investment market was also being supported by what he described as Ireland’s “structural shortage of rental accommodation”, while recent changes to the rental framework had provided “greater clarity for owners and investors”.
Artis expects the properties to attract private investors, family offices and experienced residential landlords.
The two buildings are being offered separately by private treaty, allowing investors to bid for either the smaller eight-unit property or the larger nine-unit holding.
For an investor looking for established rental income rather than a development project, the attraction is straightforward: two refurbished buildings, 17 occupied units and headline gross yields of just over 8 per cent, albeit with the usual costs, management and regulatory considerations associated with older multi-unit residential investments.
Credit: Business Post